Hi

I'm not sure if this has been posted already, I couldn't find it if it has so I apologise in advance.

We're running Premier Enterprise v6 and having major dramas with our inventory.

I'm fairly new to MYOB and have pretty much been self taught with some very basic training.

Our Inventory Value Reconciliation report is out of balance (the inventory value is less than the account balance causing a negative out of balance amount). When I run this report at the beginning of the financial year (1/7/08) there is still an out of balance figure which leads me to believe this is a historical error that is carrying forward.

I've also run the Inventory Value Reconciliation Exceptions report and the possible causes of exceptions are a handful of General Journal entries from previous financial years with the majority balance being Inventory Journal transactions from this year.

I've contacted MYOB Support for assistance but no one is able to tell me what I need to do to fix this so we can get the Out of Balance amount back to NIL.

Does anyone have any suggestions on how I can find and fix these errors?

Also, does anyone know if there is some sort of MYOB manual on Inventory alone?

Any assistance would be appreciated!

Natalie

Premier Enterprise v6

I have a client that uses inventory extensively, so I always check the inventory reconciliation report at year end. The reason it would be off is if something is posted directly to an inventory account, without going through an item. This could happen through a journal entry, or a purchase also. Say you bought something and instead of putting it to an item, you put it directly to the inventory account of that item. Then it is in your books, but not your inventory system. It is important that everyone that is working with inventory understands this, because it is SO easy to get out of balance.

Make sure when you need to adjust inventory items that you are doing it thru the count inventory screen, and usually you want to offset the adjustments through a cost of sales or expense account.

I've found the easiest way to fix, instead of trying to go back and undo past mistakes, is to make sure that the inventory items are correct (both quantity and value), and once you are sure of this, adjust your inventory account numbers to match, using a journal entry. After doing this, doublecheck your inv reconconciliation report to make sure you are in balance. Then check again a month later, and if you're out of balance, somebody is doing something wrong! But it should be easy to find because you are only looking at one month's worth of transactions...

hope this helps,
Missy